Rupee hits record low; bond yields drop

MUMBAI (Reuters) - The rupee hit a record low in early trade on Thursday amid a rout in global equities.

FILE PHOTO: An India Rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File Photo

Asian share markets sank in a sea of red after Wall Street suffered its worst drubbing in eight months, a conflagration of wealth that could threaten business confidence and investment across the globe.

Oil prices fell to two-week lows, but failed to provide any support to the rupee.

The partially convertible rupee was trading at 74.41/42 per dollar at 0338 GMT versus its previous close of 74.21. The unit hit an all-time low of 74.4750 in early deals.

The benchmark 10-year bond yield was down 3 basis points on the day at 8.00 percent. The broader NSE share index was down 2.8 percent in pre-open trade.